Today for the bitcoin price and yes guys I know this was the craziest last 24 hours. We have seen Bitcoin and for the whole crypto space Luna and basically every altcoin in the last at least two years. Now the most important question, of course, is let me quickly go here into the charts for crypto altcoins and especially, Bitcoin was this already it. Are we going to close back in my zone here? Are we going to close in this zone? I was predicting earlier, this is the question or are we eventually going to close below and people are going to start laughing at me because my prediction was that we will never get a weekly kind of close below this area.
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Let’s talk about this and I have some indications in the charts which are pointing towards a very clear direction and are telling us exactly or like at least with a high degree of certainty. What is going to happen to Bitcoin in the immediate short term and in the mid run.
Let’s talk about the price right, let’s go straight into it. Of course, I have some news for you. I’m Ludacris right, the last trade was gone, so I opened a new one and this one is right now approximately 65 percent in profit 65 in profit. I, of course, announced it over Twitter. Let me quickly go over here because it’s very important for me to understand because I’m posting everything. I said I will long for 9x every Bitcoin dip. Once the trade fails I reopen a new one at 9x, this is my game plan right now three failed trades. If three of my trades fail it brings me already to an entry price below 20 000 US dollars right. I posted this at like 27 or so when I opened the trade. It’s a question of time that one catches the bottom and catapults this trade over the next weeks and months to the moon. This is the first attempt now and it already went well, of course, we never know if bitcoin breaks lower. If I’m eventually wrong, maybe, it was not a good decision right now. This trade is, of course, massively profitable. Now I wanna talk about is it going to remain profitable. This is the question which we have to talk about, so now let’s talk about this bitcoin chart. We are here on the three-day candles. What you can see if I am pulling out these two moving averages is, of course, that the death cross on the three days is happening.
The 200-period moving average is going to cross below the 50 periods moving average probably in the next five hours. When this candle is closing so the question is what does it mean? Historically, for Bitcoin. Well, let’s go back to the last example which was actually happening in 2018. It didn’t pull up the right chart, but you can see where it happened, of course, and the moment it happened. It was approximately right here in this exact moment the Bitcoin price, of course. Dumped further lower and this is the narrative people are going through right now people who are saying Bitcoin is going to 15 or 20 000 US dollars are using this as an example. It is possible, of course, I mean the markets are tumbling like crazy but as long as we are not getting this weekly close below I remain in my stance that this is my worst case scenario actually.
Let me show you one video from a couple of months ago, where I was predicting that actually before I continue and I talk about my price targets and my predictions for Bitcoin in the immediate short term. Look at this and this is something. I want to make it very clear; I do not expect any weekly candle ever to ever again to close below 28 800 US dollars. Let me quickly repeat that let me go back here. I do not ever expect another weekly candle for bitcoin ever again to close below the 28 800 US dollar levels for bitcoin and as you can see so far we are holding the line. I’m not saying of course that I’m 100% gonna be right but we have to wait for sunday right we have to wait for Sunday this is not even the weekly canvas let me go over to the weekly canvas. We have to wait for Sunday to see where the weekly close is bringing us, if we are closing the weekly above. We are on track with this specific scenario and if not well now.
Let’s talk about what could potentially happen because I don’t want to be too proud to tell you like if I’m wrong this is going to happen right. I think if we are going to break below my predicted target the next one should be. I’m pretty. I predicted this year at the bottom and so far, we are holding it. If we are not holding it on a weekly basis. I am expecting this level to come and that’s my worst-case scenario, but it is possible that I’m wrong so far I’m not wrong, but if I am going to be wrong. This will be my target right and I am going to reopen trades because in the end of the day. One thing I’m very certain about the scenario where we are right now is a scenario like this is a scenario. It’s a scenario is this chart long enough, no but it is the shakeout, it is the capitulation the only thing. You don’t know at the capitulation where you don’t know exactly what it is.
Where is the capitulation going to end? But you can see the capitulation when everyone is bearish and everyone has always lower price targets. You are in the capitulation and there is not going to be another capitulation after the capitulation that is the one, the question is only was the 24.5 the bottom for the week is 28.8 the bottom for the weekly close, or are we actually going to go lower. These ladies and gentlemen, only time will tell. So, this is my trade, this is my game plan right now and now I, of course, want to know from you. I just made a trade which went insanely viral and I want to know your opinion right now. I posted this like two hours ago and it has 500 000 impressions. Will Luna recover and here I want to incentivize every single one of you going down below.
This article is a transcription of a video made by MMCrypto
Original video: https://youtu.be/3C8knXzUj6c